Merchants & Marine Bank (“M&M Bank”) a wholly owned subsidiary of Merchants & Marine Bancorp, Inc. (OTC QX: “MNMB”) today announced that M&M Bank and Bank OZK (NASDAQ: OZK) have entered into a definitive agreement for M&M Bank to acquire Bank OZK’s Mobile, Alabama office located at 6161 Airport Boulevard, Mobile, AL. As a part of the transaction, M&M Bank will assume all of the deposits of the Mobile office and acquire certain loans and other assets.Fintech News
M&M Bank President & CEO Clayton Legear commented, “We are thrilled to have this opportunity to expand into the dynamic Mobile, Alabama market in such a meaningful way. M&M Bank has deep roots on the Gulf Coast, many of which run through Mobile. This acquisition will allow us to build on our already strong presence in neighboring areas as we seek to help M&M Bank, our clients, and the communities we call home thrive. We look forward to partnering with the talented group of bankers who will be joining our team through this transaction to serve the Mobile community.”
The branch transaction is subject to approval by federal and state bank regulators and to satisfaction of other customary closing conditions. Once the transaction closes, the Mobile Bank OZK office will become an office of M&M Bank. Clients of the Mobile office should continue conducting business as usual at Bank OZK, including using their same checks, debit cards and online banking services until the transaction is closed. M&M Bank will provide advance notice and information to all clients concerning their accounts prior to the transaction closing, which is expected to occur in the fourth quarter of 2020.
ProBank Austin served as financial advisor and Bass, Berry & Sims PLC served as legal advisor to M&M Bank in this transaction.